On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 78,880 119,040 Retail $ 136,000 256,000 6,000 14,000 230,000 1.10 Retail price index, 12/31/2024 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Ending inventory at retail $ 384,000 Ending inventory at cost Cost of goods sold
On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 78,880 119,040 Retail $ 136,000 256,000 6,000 14,000 230,000 1.10 Retail price index, 12/31/2024 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Ending inventory at retail $ 384,000 Ending inventory at cost Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are
available for 2024:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Cost
$ 78,880
119,040
Retail
$ 136,000
256,000
6,000
14,000
230,000
1.10
Retail price index, 12/31/2024
Required:
Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided.
Note: Do not round intermediate calculations.
Ending inventory at retail
$
384,000
Ending inventory at cost
Cost of goods sold
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